- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
If I have a rental in another state, but lost money on it this year, do I claim that I made money in another state?
Accepted Solutions
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
If I have a rental in another state, but lost money on it this year, do I claim that I made money in another state?
It depends what state it is. Every
state has its own rules regarding nonresident returns. If
you're not sure, your best bet is to contact
the Department of Revenue in that state, or visit their
website. Most state websites have a section devoted to nonresidents and
part-year residents.
For example, nonresidents with more than $33 in Pennsylvania-sourced income must file a return, while nonresidents with less than $600 in Missouri income don't have to file.
Note: If the other state happens to be Alaska, Florida, Nevada, South Dakota, Texas, Washington, or Wyoming, you won't be able to file a nonresident return because those states don't collect income tax. However, you'll still need to report that income on your resident state return (assuming your resident state collects income tax) as well as your federal return.
Related Information:
- Do I need to file a nonresident return for an out-of-state employer?
- How do I file a nonresident state return?
- Why does tax-free income from Alaska, Florida, New Hampshire, Nevada, South Dakota, Tennessee, Texas...
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
If I have a rental in another state, but lost money on it this year, do I claim that I made money in another state?
It depends what state it is. Every
state has its own rules regarding nonresident returns. If
you're not sure, your best bet is to contact
the Department of Revenue in that state, or visit their
website. Most state websites have a section devoted to nonresidents and
part-year residents.
For example, nonresidents with more than $33 in Pennsylvania-sourced income must file a return, while nonresidents with less than $600 in Missouri income don't have to file.
Note: If the other state happens to be Alaska, Florida, Nevada, South Dakota, Texas, Washington, or Wyoming, you won't be able to file a nonresident return because those states don't collect income tax. However, you'll still need to report that income on your resident state return (assuming your resident state collects income tax) as well as your federal return.
Related Information:
- Do I need to file a nonresident return for an out-of-state employer?
- How do I file a nonresident state return?
- Why does tax-free income from Alaska, Florida, New Hampshire, Nevada, South Dakota, Tennessee, Texas...
Still have questions?
Make a post